Joe Nsofor & Co.

WHAT WE REALLY DO AS AN ACCOUNTING FIRM

YOU REALLY NEED TO KNOW, WHAT WE REALLY DO.

1. STATUTORY AUDIT: We examine your corporate accounts, and prepare the annual statutory audited financial statements of the company that have bearing and correlation to the actual business activities.

• We examine books of accounts and prepare audit reports for corporate bodies as statutorily required by the law of the land; approved Accounting and Auditing Standards, International Financial Reporting Standards and Financial Reporting Council of Nigeria. These corporate bodies include small, medium, and large companies.

2. COMPUTER ACCOUNTING: We Install Computer Accounting Software to ensure that all your business transactions (revenues, expenses, assets and liabilities) are recorded (posted) in the system. This platform will allow the reporting in the approved standard preset format on a desired regular basis.

• We do not wait to audit your accounts at the end of the business year only; or wish to allow you wait until the auditor comes to work before you know the results of your business performance. We make it possible for you to know the results of your business performance on monthly or quarterly basis and, assist you to have a picture of your monthly, quarterly or total annual accounts before the business year ends. We surely assist your company to achieve this objective.

3. INTERNAL CONTROLS: We establish comprehensive internal control system to protect the company in the following areas:
 Purchasing & Sales Systems;
 Inventory (Stock) Management & Controls – On Issues, Receipts & Storage;
 Cash Receipts and Payments; and Budget System
 Reconciliations Of Accounts Of Cash, Bank, Receivables & Payables.

• Errors of mistakes, frauds, and deliberate negligence or application of wrong procedures and sharp practices can create great damage to the business performance since the results of all such occurrence certainly amount to loss of assets and resources to the organization.

4. TAX SERVICES: We arrange Tax Computation & Returns for companies and individuals–VAT, WHT, Company Income Tax, Staff PAYE, and also handle computation of Tax Liabilities; and resolve issues with Tax Agencies; and assist to filing statutory returns to regulatory authorities, eg. CAC, FIRS, IRS.

• Tax Liabilities usually embarrass the business results before the Tax Authorities / Agencies when there is adequate Tax planning; especially in our situation where there are multiple taxation such as VAT, PAYE, WHT, Sales Tax, Company Income Tax, etc. We arrange these exercises on regular basis and avoid such deadlock.

5. INTERNAL AUDIT: We establish internal audit for companies to ensure controlling activities in the system, evaluating, assessing and reviewing controls on transactions to safeguard the company’s assets.

• Sometimes, companies incur great costs and losses due to ignorance, wrong or no policies, or existence of bad and sharp practices. Some organizational culture and behavior encourage losses and wastage of assets.

6. RESTRUCTURE: We assist organizations to define their strategies, or directions, and make decisions on allocating their resources to pursue their strategies, including their capital resources & people. This will help your company to determine exactly where it stands now, where it’s going, and how it will get there.

• Just as the saying always goes, “When one fails to plan, certainly such one plans to fail”. Organizations need strategic planning. We do not wait for things to go wrong before we properly take care of them – goods, services and customers. This involves answers to the following questions: “What Do We Do?”; “For Whom?” and “How Do We Excel?”

We appreciate your understanding; and request your trial, and you will be convinced by our service delivery.
Thank you. Jonathan Nsofor, JOE NSOFOR & CO (Chartered Accountants)

Author: Jonathan Nsofor - 04-07-2021 01:55 PM